You could begin by stripping the paint. A good stripper like Zip Strip would do a good job.

Before you repaint it, go to an auto parts store that sells automotive paints and buy some etcher. It's a mild acid that you apply to metals so the paint sticks better. I never paint metal without etching it. You'll have to use a primer for metals that is not water based. After that you can do what you want with spray paint or some decorative techniques.

I guess I didn't explain things right. The pail is not painted, and I don't want to paint it. I want to sort of polish it to a nice soft satin sheen and, if possible apply some kind of clear protective coat that will preserve its appearance.

I understand,now. I would try polishing rouge. I would buy the finest one you can find. You could experiment on the bottom of it, first. Other polishes might work too, like chrome brightener, but you'll have to be careful because even fine polishes might show scratching.

Thanks. I hadn't thought about polishing rouge. That's the kind of thing they use on jewelry, gold and silver. It'll probably be slow going, but likely the safest and even the most effective alternative. I'll try it, and let you know how it turned out.

Sears sells polishing rouges in stick form, which is used on polishing wheels, but it might work by hand. Good luck.

Non-woven abrasive in a fine grade will clean it up and leave a nice surface with very fine scratches.